Total to build ‘world-scale’ petrochemical complex in Iraq
Baku, March 1 (AZERTAC). The French giant oil company Total Friday announced it plans to build a giant petrochemical complex in Iraq, as part of its strategy to develop its activities in terms of chemical refining in the booming markets in the Middle East.
Signed by Director General of the Total branch in the chemical refining Patrick Bojan in November 2013 an agreement in principle with the Deputy Minister of Industry in Iraq, Mohammed Abdullah about the preparation of the study and build a petrochemical complex in the Basra area of southern Iraq.
A spokeswoman for the oil group “this agreement between the Iraqi Ministry of Industry and Total for the preparation of pre-feasibility study on a giant petrochemical complex in Iraq.”
Total hopes to strengthen its activities in terms of chemical refining in the booming markets in Asia and the Middle East in the long haul, in this section, barely exists in Europe, because of continuing difficulties in terms of refining affected by international competition.
Patrick Bojan in his statement said that Total “due to past and present in Iraq, it is natural to be concerned with the development of gas resources in the country.”
Today, the group is investing 15% of their capital in the Asia - Middle East, and hopes to increase this share to 30% by 2017.
Other news in this section
